Lowe's 1Q earnings up 2.7%

Lowe’s Cos. Inc. reports a 2.7 percent increase in earnings to $489 million, or 34 cents per share, in its first fiscal quarter ended April 30.

In the same period last year, the Mooresville, N.C.-based home-improvement retailer earned $476 million, or 32 cents per share.

The company exceeded analysts’ consensus estimate of 31 cents per share for the latest quarter.

Revenue grew 4.7 percent to $12.4 billion, up from $11.8 billion.

Sales at stores in operation for at least a year increased 2.4 percent.

“Consumers are showing signs of re-engagement in home improvement, including discretionary projects and purchases of bigger-ticket products, which had taken a back seat during the worst of the economic downturn,” says Chief Executive Robert Niblock. “This, combined with the government stimulus programs and favorable weather in March and April, drove solid quarterly sales and earnings that exceeded our guidance."

Lowe’s says it expects to earn 57 cents to 59 cents per share in its second quarter ending July 30, up from 51 cents per share a year ago.

The home-improvement retailer has five stores in the Albuquerque metropolitan area.

Lowe’s opened 11 stores in the latest quarter. As of April 30, the company (NYSE:LOW) had 1,721 stores in North America.